Q1 2022 - Montecito + Hope Ranch Market Newsletter
SPRING FORWARD IN MONTECITO AND HOPE RANCH —
although listings aren’t springing up as fast as we would like in Montecito, prices continue to be on the rise along with cash transactions. We have never experienced such a strong seller’s market in Montecito! On the other hand, in Hope Ranch it takes more digging and sleuthing to find properties, but the market remains robust!
Montecito had 75 sales in the first quarter of 2022, this is up from the first quarter of 2021 which had 63 sales. The average sale price for Q1 2022 in Montecito was $7,023,577 - a dramatic increase from Q4 2021 which had an average sales price of $5,778,561.
Hope Ranch had 8 sales in the first quarter of 2022 - this is down significantly compared to Q1 2021 which had 21 sales. The average sale price for Q1 2022 in Hope Ranch was $5,333,889 and the median price was $4,650,000.
With so many buyers looking to call Montecito, Santa Barbara and Hope Ranch home, now is a great time to think about what your house is worth and if a move might be in your future.